Fincare SFB announces attractive FD rates, offers 9.01% to senior citizens and 8.41% to others

Fincare Small Finance Bank will be offering an attractive interest rate of 9.01% to senior citizens, and 8.41% for normal individuals on its Fixed Deposits (FDs). These new FD rates have come into effect from March 24th. Additionally, the FDs are available for flexible tenures ranging from 7 days to 10 years.

The new interest rates are for FDs less than ₹2 crore. 

It needs to be noted that Fincare's 9.01% for senior citizens and 8.41% for normal individuals is applicable on FDs that have a tenure of 1000 days.

In a statement, Fincare said, it " understands the importance of financial planning for the elderly and introduced this special rate for senior citizens to help them earn more on their savings."

Fincare also aims to encourage more individuals to save and invest by offering a competitive interest rate of 8.41% for general citizens.

Rajeev Yadav, MD & CEO of Fincare SFB, said, "We are delighted to offer the best interest rates to our customers. At Fincare SFB, we believe in providing cutting-edge banking solutions to all our customers, and this move is another step towards that objective."

Yadav added, "we hope that our customers will take advantage of these attractive rates and invest in Fincare FD for their financial well-being."

Fincare also offers 8.35% to senior citizens and 7.75% to individuals on 500 days tenure. While it offers 8.71% to elderlies and 8.11% to normal individuals on 750 days tenures respectively.

The interest rate varies from 3% to 8.41% for normal individuals, and from 3.60% to 9.01% for senior citizens for tenures starting from 7 days to a maximum of 84 months.

At Fincare, customers can choose from different options, such as regular, tax-saving, and cumulative deposits, to suit their individual needs.

It said that the bank is committed to offering the best banking experience to its customers and is recognized as one of the top-performing small finance banks.

Also, the bank's focus on customer-centricity, innovative products, and digital solutions has helped it build a strong reputation in the market.

The SFB offers a wide range of products, including current and savings accounts, loans against gold, and loan against property, in addition to competitive interest rates on fixed and recurring deposits. Transactions supported by the Unified Payment Interface (UPI) are another service provided by the Bank. The Bank plans to meet the financial needs of a wide range of clientele offering a ‘Smart’ banking experience.

Fincare is looking to go public. The SFB has filed its draft papers with market regulator Sebi to launch its initial public offering (IPO).